The hotel and residential tower going up at 435 North Park Drive in Streeterville is once again going up.
Drilling work has begun for the caissons the building will rest on across the street from the Sheraton Chicago Hotel and Towers (301 East North Water Drive). When completed, the building will be 53-stories and 635-feet-tall. It’s a far cry from the 1,200-foot Waldorf-Astoria tower originally planned for this location, but the economy made that a non-starter.
Rather than waiting for the banks to loosen their stranglehold on the nation’s money supply, W-A took over and rebranded The Elysian Hotel (11 East Walton Street) in the Gold Coast.